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Bitcoin could be exempt from capital gains tax in the UK because it is now legal tender in El Salvador.

Bitcoin could be exempt from capital gains tax in the UK because it is now legal tender in El Salvador.



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33 Comments

  1. Why do reporters always lose focus halfway down the article?

    Bitcoin good news, Bitcoin good news, Bitcoin good news, Quick! terrorist something Bitcoin! Heh, now that’s a balanced article 🙂

  2. As I recall this actually should be law be the case in loads of countries – if not all of them.

    As I recall the IMF charter reads something along the lines of **all** signatories must recognise each other’s currencies and accept them as legal tender.

    Or words to that effect. IMF went real silent on that one. Stupid mofos

  3. Should five percent appear too small

    Be thankful I don’t take it all

    ‘Cause I’m the taxman

    Yeah, I’m the taxman

    That wasn’t a mistake in the lyrics. The Beatles were genuinely only keeping 5% of their income due to the UK’s taxes. The UK will find a way to tax it.

  4. The more countries that make btc legal tender the harder it gets to deny it the same tax treatment as other foreign currencies.

    There couldn’t be a more positive thing than tax offices world wide having to start treating bitcoin as tax exempt foreign currency.

  5. OK… doing the genetic math here.

    My mother’s grandfather was born in Ireland in the early 20th century. Therefore my mom qualifies for Irish citizenship under and old 1980 law aiming to restore citizenship to those fleeing Ireland in the early 20th century for political and religious reasons. If my mom is granted citizenship, she can sponsor me to get a work visa to the UK. If the Irish path doesn’t work, she may qualify for UK citizenship, but the law when she was born said (literally) that only “Son’s of Englishmen” born outside England were Englishmen.

    Only about 423 pages of paperwork to do and a few century old birth certificates to uncover.

    Outside of clever 2nd and 3rd generation shenanigans, I might qualify for a Tier 2 visa, but that depends on who’s offering the job.

    I’m on my way!

  6. Well everyone when we switch other coins to btc and cash out they can’t tax us then. That’s the law. Even in America. Then we can exchange it for there currency then convert to US dollar.

  7. My crypto is on Binance, it’s technically not my money as its theirs, it’s also technically not in the UK, so until such time as I withdraw it to GBP in a UK bank, I should not have to pay capital gains, or income tax on this imaginary Internet money.

  8. It will probably take more than just one country to declare Bitcoin Legal Tender and also a court case brought against say HMRC to fight the right not to pay capital gains on what is considered currency in certain jurisdictions.

What do you think?

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